$118,796.92
"It can hardly be expected that a favourable result could be put forward by any investment company, which naturally carries a heavy portfolio of stocks and shares in local companies,' said Mr. W. R. McBain, chairman, at the annual meeting of Shareholders of the Shanghai Loan Investment Ca, Ltd., held at 11.45 am. yesterday in the office of the general agents, 1 The Bund. Present were shareholders representing a total of 26,841 shares, The chairman said:—In retrospection of the past year's working of the company, taking into consideration the unprecedented conditions which have prevailed durin; the last five months of the year in local commercial circles, it can hardly be expected that a favourable result could be put forward by any investment company, which naturally Carries a heavy portfolio of stocks ånd shares in local companies. Until confidence is re-established, we must expect an almost entire absence of investors, and consequent stagnation in the local market, but, as you will notice from our balance sheet, the company's financial position is such that it can take full advantage of any favourable turn that may occur.
During the earlier months of the year when trading in shares was fairly active, advantage was taken to realize a considerable part of our holdings, even at a serious loss. This decision has since been proved to have been correct, as the loss would to-day be considerably greater it those holdings were stil in our possession,
Text read from the printed page and cleaned; old type leaves the occasional error.